Program Related Questions
What is the New York Digital Health Accelerator Program?
The New York Digital Health Accelerator Program is a five-month program for early- and growth-stage digital health or health IT companies. The Program will provide a vehicle for healthcare providers and entrepreneurs to work together to meet the market gap for innovative technologies that leverage patient health records to support collaborative care and allow for improved care coordination. The focus areas include care coordination, patient engagement, and workflow improvement.
What types of companies are you looking for?
We are looking for early- and growth-stage companies that are developing healthcare IT products and services related to care coordination, patient engagement and workflow improvement. This year we are expanding the application process to include an opportunity for two companies with a complementary technology solution to submit a joint application. For more details see the “WHO SHOULD APPLY” section.
If I am not from New York, would acceptance mean I need to relocate?
Yes, all companies participating in the Program will be required to relocate at least a portion of their management team to New York for the duration of the Program.
I would need to relocate to New York for the Program; will you be providing office space?
The Program does not include office space. However, we can help you find affordable working space in New York City.
Application Review Questions
What is the vetting process like?
A review committee will select up to 10 companies to participate in the Accelerator Program. The selection will be using a multi-level process and finalists will be invited to make oral presentations. The review committee will be comprised of hospital leadership, technology experts, clinicians and investors.
How will applications be evaluated?
The review criteria for company selection will include: product innovation in focus areas, management team with proven track record, company lifecycle stage, value proposition.
What types of companies are you NOT looking for?
Pharmaceutical, biotech, surgical medical device, and diagnostics companies.
How will companies be paired with a mentor provider organization?
The providers will participate in the selection process and will identify those companies that are closely aligned to strategic focus areas that interest them. Each company will be paired with a provider organization that is committed at the senior management level to the goals of the Program. The provider organizations will provide clinical workflow and technical guidance to the companies based on user feedback. In certain cases multiple provider organizations may provide mentorship to a single company.
What type of funding do companies in the program receive?
At the winner’s option, the program will provide $100,000 of financing in the form of a note that is convertible into the next round of financing at a 20% discount. The financing is provided from the syndicate of sponsoring venture capital funds and strategic investors. For all companies accepted into the program, regardless of whether they elect to take the $100,000 in financing, the New York Digital Health Accelerator will take warrants for 1.5% of the fully diluted equity of your company, with a fmv exercise price. If you have raised significant capital already, we may adjust our offer as appropriate.
Our company has received funding already. Can we still apply to the NY Digital Health Accelerator?
Yes, you can apply to the Program even if you have received prior funding. Please be sure to include details regarding past rounds of financing in your application.
We don’t really need the money. Does it still make sense to apply?
Yes, the money is only a small part of the Accelerator Program. Access to the provider organizations who will give you real customer clinical and technical feedback is the key value afforded by the Program, as is the leadership program..
Is there a fee for applying to the Program?
There is no fee to apply.
What happens to my intellectual property if I am not selected?
Our application does not ask for detailed IP information and there is no reason you have to disclose this to us if you are not comfortable doing so.
Will you sign my non-disclosure agreement?
There are too many applications submitted for us to sign an NDA, much like venture firms. We respect and understand the confidentiality of your application and will not share it with anyone outside of the selection committee. Please provide us with only as much information as you are comfortable sharing, and keep in mind that we will be able to better evaluate your application if you supply us with complete information.
Are there any obligations after the Program?
No. We want to create a strong health IT entrepreneurial community in New York and we hope you do maintain a presence in New York State following the Program. Graduates of the Program will enjoy the benefit of having continued access to the network of providers and mentors they met during the Program.